In the first half of 2024, the highest price per square meter for an older apartment in Belgrade reached €7,500 for an apartment in the Stari Grad municipality. According to the latest analysis by the Republic Geodetic Authority (RGZ), the average price of older apartments in Serbia during the first half of 2024 was €1,665 per square meter, which is a 12% increase compared to the same period last year.
The highest average prices for older apartments are found in Belgrade, particularly in the municipalities of Stari Grad, Vračar, Savski Venac, and Novi Beograd. The RGZ report also shows that the average size of older apartments in Serbia is 52 square meters. When it comes to the types of apartments sold, two-room and one-and-a-half-room apartments make up the largest share, accounting for 38% and 30%, respectively. Three-room apartments follow with 11%, and studio apartments make up 7%.
On how property values for older apartments are assessed in Serbia, licensed real estate appraiser Milić Đoković explains that the process is typically done using a “rough estimate” method, based on limited information about certain property values. He points out that professional appraisers, who are the only ones qualified to properly assess properties, are often not used in Serbia.
“We have 21 factors that affect the price of older apartments—everything from the age of the building, the appearance of the façade, the layout of the apartment, its condition, and functionality. However, in Serbia, many things are done in an unserious manner. For example, a seller hears what price a property is being sold for, and often uses that as the benchmark for pricing their own property,” Đoković says.
Appraisal services typically cost between €200 and €500, which Đoković considers a small price to pay when selling or buying a property worth €250,000-€300,000. He emphasizes that in other countries, you cannot start a sales process without an appraiser.
“The appraiser is necessary for both the buyer and the seller. If I want to sell, it’s essential to know how much the property is really worth. If I want to buy, I need to know what the fair price is,” Đoković adds.
Regarding younger buyers, Đoković notes that many prefer new construction because they don’t want to spend time renovating older apartments.
“Right now, it’s a problem to find a contractor for small repairs, such as a plumber, electrician, or tiler. The issue is that everyone is focused on larger projects, so, from that perspective, new construction is a more favorable option, especially when you consider that developers offer guarantees of up to two years,” he says.
As for older apartments, Đoković stresses that the most realistic prices are those that align with the quality, particularly in urban neighborhoods built between the 1960s and 1980s.
